AVAILABLE-FOR-SALE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Available-for-sale Securities [Table Text Block]

The following table presents the Company’s AFS investment securities by collateral type at fair value as of June 30, 2015 and December 31, 2014:

	June 30, 2015		December 31, 2014
Mortgage-backed securities:
Agency
Federal Home Loan Mortgage Corporation	$	89,429,826	$	162,344,627
Federal National Mortgage Association		143,635,331		152,486,058
Non-Agency		142,019,587		53,485,053
Multi-Family		116,499,851
Total mortgage-backed securities	$	491,584,595	$	368,315,738

Schedule Of Available-For-Sale Securities Reconciliation [Table Text Block]

The following tables present the amortized cost and fair value of the Company’s AFS investment securities by collateral type as of June 30, 2015 and December 31, 2014:

	June 30, 2015
	Agency		Non-Agency ⁽¹⁾			Multi-Family		Total
Face Value	$	229,830,135	$	188,029,097		$	153,521,523	$	571,380,755
Unamortized premium		1,202,379		66,825			-		1,269,204
Unamortized discount
Designated credit reserve		-		(18,305,657)	⁽²⁾		-		(18,305,657)
Net, unamortized		(1,887,043)		(35,090,000)			(36,154,385)		(73,131,428)
Amortized Cost		229,145,471		134,700,265			117,367,138		481,212,874
Gross unrealized gain		4,276,386		5,143,175			1,203,761		10,623,322
Gross unrealized (loss)		(356,700)		(1,424,572)			(2,071,048)		(3,852,320)
Fair Value	$	233,065,157	$	138,418,868			116,499,851	$	487,983,876

	December 31, 2014
	Agency		Non-Agency		Total
Face Value	$	309,790,551	$	76,672,548	$	386,463,099
Unamortized premium		4,796,106		-		4,796,106
Unamortized discount
Designated credit reserve		-		(12,697,796)		(12,697,796)
Net, unamortized		(2,244,687)		(15,209,335)		(17,454,022)
Amortized Cost		312,341,970		48,765,417		361,107,387
Gross unrealized gain		3,670,643		4,732,247		8,402,890
Gross unrealized (loss)		(1,181,928)		(12,611)		(1,194,539)
Fair Value	$	314,830,685	$	53,485,053	$	368,315,738

(1)

Non-Agency AFS does not include interest-only securities with a notional amount of $229,787,057, book value of $3,832,990, unrealized loss of $232,273 and a fair value of $3,600,718.

(2)

Discount designated as Credit Reserve and amount related to OTTI are generally not expected to be accreted into interest income. Amounts disclosed at June 30, 2015 reflect Credit Reserve of $1,410,284 and OTTI of $2,890,939.

Composition of Available For Sale Securities [Table Text Block]

The following table presents the composition of OTTI charges recorded by the Company for the three and six months ended June 30, 2015 and 2014:

	Three Months Ended		Three Months Ended
	June 30, 2015		June 30, 2014
(Increase)/decrease in credit reserves	$	567,205	$	-
Additional other-than-temporary credit impairment losses		-		-
Total impairment losses recognized in earnings		567,205		-

	Six Months Ended		Six Months Ended
	June 30, 2015		June 30, 2014
(Increase)/decrease in credit reserves		(1,410,284)		-
Additional other-than-temporary credit impairment losses		(2,890,939)		-
Total impairment losses recognized in earnings		(4,301,223)		-

Schedule of Realized Gain (Loss) [Table Text Block]

The following table presents a summary of the Company’s net realized gain (loss) from the sale of AFS securities, inclusive of securities previously booked as linked, for the three and six months ended June 30, 2015 and June 30, 2014:

	Three Months Ended		Three Months Ended
	June 30, 2015		June 30, 2014
AFS securities sold, at cost	$	106,968,002	$	11,997,363
Proceeds from AFS securities sold		107,609,266		12,915,101
Net realized gain (loss) on sale of AFS securities	$	641,264	$	917,738

	Six Months Ended		Six Months Ended
	June 30, 2015		June 30, 2014
AFS securities sold, at cost	$	106,968,002	$	106,746,157
Proceeds from AFS securities sold		107,609,266		103,535,140
Net realized gain (loss) on sale of AFS securities	$	641,264	$	(3,211,017)

Schedule Of Available For Sale Securities By Rate Type [Table Text Block]

The following tables present the fair value of AFS investment securities by rate type as of June 30, 2015 and December 31, 2014:

	June 30, 2015
	Agency		Non-Agency		Multi-Family		Total
Adjustable rate	$	216,373,089	$	142,019,587		-	$	358,392,676
Fixed rate		16,692,069		-		116,499,851		133,191,920
Total	$	233,065,158	$	142,019,587		116,499,851	$	491,584,596

	December 31, 2014
	Agency		Non-Agency		Total
Adjustable rate	$	229,648,342	$	53,485,053	$	283,133,395
Fixed rate		85,182,343		-		85,182,343
Total	$	314,830,685	$	53,485,053	$	368,315,738

Investments Classified by Contractual Maturity Date [Table Text Block]

The following tables present the fair value of AFS investment securities by maturity date as of June 30, 2015 and December 31, 2014:

	June 30, 2015		December 31, 2014
Less than one year	$	-	$	-
Greater than one year and less than five years		62,111,743		35,855,146
Greater than or equal to five years		429,472,853		332,460,592
Total	$	491,584,596	$	368,315,738

Schedule Of Investments In Debt and Marketable Equity Securities and Certain Trading Assets Disclosure [Table Text Block]

The following tables present the changes for the six months ended June 30, 2015 and year ended December 31, 2014 of the unamortized net discount and designated credit reserves on the Company’s MBS.

	June 30, 2015
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2015	$	(49,325,117)	$	(64,545,980)	$	(113,871,097)
Acquisitions		-		(22,597,930)		(22,597,930)
Dispositions		24,994,386		9,143,622		34,138,008
Accretion of net discount		-		7,795,422		7,795,422
Realized gain on paydowns		-		132,716		132,716
Realized credit losses		6,024,520		(2,890,939)		3,133,581
Addition to credit reserves		(2,319,014)		2,151,230		(167,784)
Release of credit reserves		2,319,568		(2,319,568)		-
Ending balance at June 30, 2015	$	(18,305,657)	$	(73,131,427)	$	(91,437,084)

	December 31, 2014
	Designated		Unamortized
	credit reserve		net discount		Total
Beginning Balance as of January 1, 2014	$	(16,126,355)	$	(22,400,380)	$	(38,526,735)
Acquisitions		-		(2,361,186)		(2,361,186)
Accretion of net discount		559,860		1,667,828		2,227,688
Realized gain on paydowns		-		4,760,729		4,760,729
Realized credit losses		-		223,212		223,212
Release of credit reserves		2,868,699		-		2,868,699
Ending balance at December 31, 2013		-		655,775		655,775
	$	(12,697,796)	$	(17,454,022)	$	(30,151,818)

Investment Income [Table Text Block]

The following tables present components of interest income on the Company’s AFS securities for the three months ended June 30, 2015 and June 30, 2014 and six months ended June 30, 2015 and June 30, 2014:

	Three Months Ended June 30, 2015						Three Months Ended June 30, 2014
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	1,891,811	$	151,912	$	2,043,723	$	3,074,166	$	151,622	$	3,225,788
Non-Agency		578,691		2,281,616		2,860,307		127,034		1,042,083		1,169,117
Multi-Family		455,635		1,393,914		1,849,550		83,461		8,913		92,374
Total	$	2,926,137	$	3,827,443	$	6,753,580	$	3,284,661	$	1,202,618	$	4,487,279

	Six Months Ended June 30, 2015						Six Months Ended June 30, 2014
			Net (premium						Net (premium
	Coupon		amortization)/		Interest		Coupon		amortization)/		Interest
	interest		discount accretion		income		interest		discount accretion		income
Agency	$	3,887,013	$	303,805	$	4,190,818	$	5,770,383	$	212,007	$	5,982,390
Non-Agency		875,207		5,140,318		6,015,526		174,460		2,084,467		2,258,927
Multi-Family		912,523		2,441,608		3,354,131		128,495		20,427		148,922
Total	$	5,674,743	$	7,885,731	$	13,560,475	$	6,073,338	$	2,316,901	$	8,390,239

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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